Republican lawmakers are ramping up their investigation into billionaire George Soros’ acquisition of hundreds of U.S. radio stations, contending that this move could have major implications for media ownership and national security. Soros, renowned for his substantial donations to Democratic and liberal causes, has become a target of scrutiny following the disclosure of his role in purchasing these stations just before the upcoming presidential election.
The controversy arises from the bankruptcy of Audacy Inc., the second-largest radio company in the United States. Earlier this year, Audacy filed for bankruptcy, enabling a Soros-backed fund to acquire a significant portion of the company’s debt. This deal ultimately granted the fund control over more than 200 radio stations. Republicans are particularly incensed by the Federal Communications Commission’s (FCC) decision to fast-track the purchase, which involved waiving regulations that typically restrict foreign ownership of media outlets.
House Energy and Commerce Committee Chair Cathy McMorris Rodgers voiced her concerns in a public statement on Monday. Rodgers criticized the FCC’s decision to grant a waiver that permits “25% of the company to be indirectly foreign-owned.” Under normal circumstances, such a waiver would require a comprehensive FCC review, as it activates regulations outlined in Section 310(b) of the Communications Act of 1934. However, the FCC approved the deal on September 30, bypassing the standard review procedures.
Republican members of Congress have sent a letter to FCC Chairwoman Jessica Rosenworcel, seeking explanations about the FCC’s approval process. They have requested a briefing and additional information by October 18 to understand why the commission deviated from its standard protocols. The lawmakers are particularly interested in the circumstances under which the FCC has previously waived the foreign ownership rule and the criteria used to determine whether such waivers are in the public interest.
The letter highlighted several important issues, questioning the FCC’s methods for evaluating foreign ownership of media companies and the depth of its investigations into holding companies and institutional shareholders. It also sought explanations for why the FCC handled the Audacy application at the commission level instead of delegating it to bureau staff. Additionally, the letter requested information on the typical number of days that FCC and executive branch personnel allocate to such investigations.
Lawmakers emphasized the need for transparency in the FCC’s decision-making process, particularly regarding media ownership rules aimed at safeguarding U.S. interests. “Licensees and investors need certainty that the FCC will follow its rules and procedures when approving transactions so that the broadcast industry can have the resources it needs to continue serving the public,” Rodgers stated. The letter emphasized the importance of consistently applying FCC regulations. It asked for a list of all license transfers that the FCC has denied in bankruptcy cases. This suggests that Soros’ purchase might have been given preferential treatment due to his political influence and financial backing.
Critics of Soros contend that his acquisition of these radio stations is troubling, especially because it occurred just before the presidential election. They argue that this move could grant the liberal billionaire significant control over information dissemination, potentially influencing election narratives and outcomes. Republicans are framing the issue not only as a matter of media ownership but also as a potential national security threat, given the percentage of foreign ownership involved.
